Download Garvin Smith`s Unit 4

Fiscal Policy
An economist is a
trained professional
paid to guess wrong
about the economy.
http://www.youtube.com/watch?v=LyePCRkq620&feature=
player_embedded#!
The Role of Government
Current Economics Texts
The U. S. Constitution
1) Correct Externalities
1) Form more perfect union
2) Provide a legal system
2) Establish justice
3) Promote competition
3) Insure domestic tranquility
4) Provide “public goods”
4) Provide the common defense
5) Ensure economy-wide stability 5) Promote the general welfare
6) Government sponsored /
inhibited goods
6) Secure the blessings of liberty
to ourselves
7) Income redistribution
7) And to our posterity
Fiscal Policy: Definition
Blue Pill Answer:
Changes in government spending and taxing
policies to affect the macroeconomy (business
cycle)
Red Pill Answer: Tax and spend
Enacted by Congress
Two types: Discretionary & Automatic
Fiscal Policy: Theory
A
1) Point A = Full Employment Macro Long-Run Equilibrium
Fiscal Policy: Theory
AA
B
1) Point A = Full Employment Macro Long-Run Equilibrium
2) Point B = Decrease in business Investment = drop in Aggregate Demand
How does fiscal policy get the economy get back to full employment?
Fiscal Policy: Theory
A
AA
B
+G
1) Point A = Full Employment Macro Long-Run Equilibrium
2) Point B = Decrease in business Investment = drop in Aggregate Demand
How does fiscal policy get the economy get back to full employment?
Increase spending (stimulus) and/or lower taxes.
Fiscal Policy: Theory
C
C
1) Point C = Full Employment Macro Long-Run Equilibrium
Fiscal Policy: Theory
D
C
1) Point C = Full Employment Macro Long-Run Equilibrium
2) Point D = Increase in business Investment = increase in Aggregate Demand
How does fiscal policy get the economy get back to full employment?
Fiscal Policy: Theory
D
C
C
-G
1) Point C = Full Employment Macro Long-Run Equilibrium
2) Point D = Increase in business Investment = increase in Aggregate Demand
How does fiscal policy get the economy get back to full employment?
Decrease government spending and/or raise taxes.
Fiscal Policy: Theory
A
1) Point A = Full Employment Macro Long-Run Equilibrium
Fiscal Policy: Theory
A
B
1) Point A = Full Employment Macro Long-Run Equilibrium
2) Point B = Increase in resource prices (oil) = decrease in Short Run AS
How does fiscal policy get the economy get back to full employment?
Fiscal Policy: Theory
C
A
B
1) Point A = Full Employment Macro Long-Run Equilibrium
2) Point B = Increase in resource prices (oil) = decrease in Short Run AS
How does fiscal policy get the economy get back to full employment?
Increase government spending and/or lower taxes.
Fiscal Policy: Actual
We have tried spending money. We are spending more
than we have ever spent before and it does not work.
And I have just one interest, and if I am wrong ...
somebody else can have my job. I want to see this
country prosperous. I want to see people get a job. I
want to see people get enough to eat. We have never
made good on our promises.... I say after eight years of
this Administration we have just as much
unemployment as when we started.... And an enormous
debt to boot!
Henry Morgenthau, Jr., Secretary of the Treasury, testimony to the House Ways
and Means Committee, May 9, 1939 (17.2% unemployment)
Fiscal Policy: Actual
Fiscal Policy: Actual
Fiscal Policy: Actual
Fiscal Policy: Problems
1) Time Lags
Recognition (6 mo.)
Action (6 mo.)
Effect (6 mo.)
6 6 6
Fiscal Policy: Problems
2) Crowding Out
Two Sectors: Private & Public (Government)
Fiscal Policy: Problems
2) Crowding Out (direct)
P
P1
G
G1
Fiscal Policy: Problems
2) Crowding Out (indirect)
1 - Government
Borrows
2 - Private supply of
savings falls
3 - Interest rates rise
4 - Quantity of
investment falls
Government deficits crowd out private spending
Fiscal Policy: Problems
3) Deficit
4) Debt
Deficit: Government spending exceeds tax revenue
Debt: Accumulation of all deficits
Fiscal Policy: Problems
Deficit and Debt
Year
1
2
3
4
5
Tax Revenue
Government
Spending
Deficit
Debt
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
1
100
2
3
4
5
Government
Spending
Deficit
Debt
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
1
100
100
2
3
4
5
Deficit
Debt
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
3
4
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
3
4
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
3
4
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
4
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
4
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
50
4
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
50 +
4
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
50 +
4
125
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
50 +
4
125
150
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
50 +
4
125
150
25
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
50 +
4
125
150
25
75 +
5
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
50 +
4
125
150
25
75 +
5
150
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
50 +
4
125
150
25
75 +
5
150
165
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
50 +
4
125
150
25
75 +
5
150
165
15
Fiscal Policy: Problems
Deficit and Debt
Year
Tax Revenue
Government
Spending
Deficit
Debt
1
100
100
0
0
2
100
125
25
25
3
100
125
25
50 +
4
125
150
25
75 +
5
150
165
15
90+
Fiscal Policy: Problems
Deficit and Debt
Deficit reduction:
Overspending this year by less
than we overspent last year!
Fiscal Policy: Problems
Deficit and Debt
Interest Expense Fiscal Year 2011
February
$21,759,253,957.26
January
$21,122,729,715.18
December
$104,700,174,845.03
November
$19,396,316,137.56
October
$24,142,491,931.22
Fiscal Year Total (5 mo.)
$191,120,966,586.25
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm
Fiscal Policy: Problems
Deficit and Debt
Available Historical Data Fiscal Year End
2010
$413,954,825,362.17
2009
$383,071,060,815.42
2008
$451,154,049,950.63
2007
$429,977,998,108.20
2006
$405,872,109,315.83
2005
$352,350,252,507.90
2004
$321,566,323,971.29
2003
$318,148,529,151.51
2002
$332,536,958,599.42
2001
$359,507,635,242.41
2000
$361,997,734,302.36
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm
Fiscal Policy: Problems
Deficit and Debt
Fiscal Policy: Problems
TOTAL DEBT & UNFUNDED OBLIGATIONS.
$7.7 Trillion Total Money Supply (Debt - all borrowed money)
$57.0 Trillion Total Combined Debt (National, Business &
Personal)
$65.5 Trillion Unfunded Obligation (Soc. Sec., Medicare,
Medicaid, etc.)
$23.7 Trillion TARP Bailouts (and you thought it was only $700
Billion)
$3.27 Trillion Stimulus
$2.0 Trillion The Federal Reserve Will Not Disclose
$1.0 Trillion Line of Credit to Greece $0.275 Trillion Foreclosure
Rescue (UPDATED)
plus
$99.0 Trillion Unfunded Pensions and Health Care Liabilities
$259.445 TRILLION in DEBT
Fiscal Policy: Problems
This says nothing about the $1.5 Quadrillion derivatives
market.
It's worse than you are being told and the fix is easier than you
can imagine. The FIX.
http://moneyaswealth.blogspot.com/2010/06/i-was-just-doing-little-math.html
http://zfacts.com/p/461.html
http://www.usdebtclock.org/
• 1.6 trillion dollar deficit
• http://www.bea.gov/national/nipaweb/TableView.asp?SelectedTable=
86&FirstYear=1999&LastYear=2017&Freq=Qtr&Java=Y#mid
http://www.youtube.com/watch?v=Yk_jToBbpWU&feature=youtube_gdata_player
Fiscal Policy: Problems
5) Violation of the Constitution
Fiscal Policy
Income Tax rates
“Christmas is the time when kids tell Santa what they want and
adults pay for it. Deficits are when adults tell government what they
want and their kids pay for it.”
What caused the Great Depression?
•
“What did cause the Great Depression, then? Today most economists who
have studied the period blame poor economic policymaking both in the
United States and in other major industrialized countries.” - Ben Bernanke [current
chairman of the Federal Reserve Bank], Principles of Economics, Third Ed. P. 474 .
•
“Despite the devastating loss of wealth, chaos in our financial markets, and
a loss of confidence so great that it nearly destroyed Americans’
fundamental faith in capitalism, the economy came back. Indeed, the growth
between 1933 and 1937 was the highest we have ever experienced outside
of wartime. Had the U.S. not had the terrible policy-induced setback in
1937, we, like most other countries in the world, would probably have been
fully recovered before the outbreak of World War II.” - “Lessons from the Great
Depression for Economic Recovery in 2009,” Christina D. Romer, Council of Economic Advisers [to president
Obama], Presented at the Brookings Institution, Washington, D.C., March 9, 2009
•
“Let me end my talk by abusing slightly my status as an official
representative of the Federal Reserve. I would like to say to Milton
[Freidman] and Anna [Schwartz]: Regarding the Great Depression. You're
right, we did it. We're very sorry. But thanks to you, we won't do it again.” Remarks by [Fed] Governor Ben S. Bernanke, At the Conference to Honor Milton Friedman, University of Chicago,
Chicago, Illinois November 8, 2002, on Milton Friedman's ninetieth birthday.
Economists Agree on Fiscal Policy
President Obama says that "economists from across the political
spectrum agree" on the need for massive government spending to
stimulate the economy. In fact, many economists disagree.
Hundreds of them, including Nobel laureates and other prominent
scholars, have signed a statement that the Cato Institute has
placed in major newspapers across the United States.
“There is no disagreement that we need action by
our government, a recovery plan that will help to
jumpstart the economy.”
— PRESIDENT-ELECT BARACK OBAMA, JANUARY 9, 2009
With all due respect Mr. President, that is not true.
Notwithstanding reports that all economists are now Keynesians
and that we all support a big increase in the burden of
government, we do not believe that more government spending is
a way to improve economic performance. More government
spending by Hoover and Roosevelt did not pull the United States
economy out of the Great Depression in the 1930s. More
government spending did not solve Japan's "lost decade" in the
1990s. As such, it is a triumph of hope over experience to believe
that more government spending will help the U.S. today. To
improve the economy, policy makers should focus on reforms that
remove impediments to work, saving, investment and production.
Lower tax rates and a reduction in the burden of government are
the best ways of using fiscal policy to boost growth.
Burton Abrams, Univ. of Delaware
Douglas Adie, Ohio University
Ryan Amacher, Univ. of Texas at Arlington
J.J. Arias, Georgia College & State University
Howard Baetjer, Jr., Towson University
Stacie Beck, Univ. of Delaware
Don Bellante, Univ. of South Florida
James Bennett, George Mason University
Bruce Benson, Florida State University
Sanjai Bhagat, Univ. of Colorado at Boulder
Mark Bils, Univ. of Rochester
Alberto Bisin, New York University
Walter Block, Loyola University New Orleans
Cecil Bohanon, Ball State University
Michele Boldrin, Washington University in St. Louis
Donald Booth, Chapman University
Michael Bordo, Rutgers University
Samuel Bostaph, Univ. of Dallas
Scott Bradford, Brigham Young University
Genevieve Briand, Eastern Washington University
George Brower, Moravian College
James Buchanan, Nobel laureate
Richard Burdekin, Claremont McKenna College
Henry Butler, Northwestern University
William Butos, Trinity College
Peter Calcagno, College of Charleston
Bryan Caplan, George Mason University
Art Carden, Rhodes College
James Cardon, Brigham Young University
Dustin Chambers, Salisbury University
Emily Chamlee-Wright, Beloit College
V.V. Chari, Univ. of Minnesota
Barry Chiswick, Univ. of Illinois at Chicago
Lawrence Cima, John Carroll University
J.R. Clark, Univ. of Tennessee at Chattanooga
Gian Luca Clementi, New York University
R. Morris Coats, Nicholls State University
John Cochran, Metropolitan State College
John Cochrane, Univ. of Chicago
John Cogan, Hoover Institution, Stanford University
John Coleman, Duke University
Boyd Collier, Tarleton State University
Robert Collinge, Univ. of Texas at San Antonio
Lee Coppock, Univ. of Virginia
Mario Crucini, Vanderbilt University
Christopher Culp, Univ. of Chicago
Kirby Cundiff, Northeastern State University
Antony Davies, Duquesne University
John Dawson, Appalachian State University
Clarence Deitsch, Ball State University
Arthur Diamond, Jr., Univ. of Nebraska at Omaha
John Dobra, Univ. of Nevada, Reno
James Dorn, Towson University
Christopher Douglas, Univ. of Michigan, Flint
Floyd Duncan, Virginia Military Institute
Francis Egan, Trinity College
John Egger, Towson University
Kenneth Elzinga, Univ. of Virginia
Paul Evans, Ohio State University
Eugene Fama, Univ. of Chicago
W. Ken Farr, Georgia College & State University
Hartmut Fischer, Univ. of San Francisco
Fred Foldvary, Santa Clara University
Murray Frank, Univ. of Minnesota
Peter Frank, Wingate University
Timothy Fuerst, Bowling Green State University
B. Delworth Gardner, Brigham Young University
John Garen, Univ. of Kentucky
Rick Geddes, Cornell University
Aaron Gellman, Northwestern University
William Gerdes, Clarke College
Michael Gibbs, Univ. of Chicago
Stephan Gohmann, Univ. of Louisville
Rodolfo Gonzalez, San Jose State University
Richard Gordon, Penn State University
Peter Gordon, Univ. of Southern California
Ernie Goss, Creighton University
Paul Gregory, Univ. of Houston
Earl Grinols, Baylor University
Daniel Gropper, Auburn University
R.W. Hafer, Southern Illinois
University, Edwardsville
Arthur Hall, Univ. of Kansas
Steve Hanke, Johns Hopkins
Stephen Happel, Arizona State University
Frank Hefner, College of Charleston
Ronald Heiner, George Mason University
David Henderson, Hoover Institution, Stanford University
Robert Herren, North Dakota State University
Gailen Hite, Columbia University
Steven Horwitz, St. Lawrence University
John Howe, Univ. of Missouri, Columbia
Jeffrey Hummel, San Jose State University
Bruce Hutchinson, Univ. of Tennessee at Chattanooga
Brian Jacobsen, Wisconsin Lutheran College
Jason Johnston, Univ. of Pennsylvania
Boyan Jovanovic, New York University
Jonathan Karpoff, Univ. of Washington
Barry Keating, Univ. of Notre Dame
Naveen Khanna, Michigan State University
Nicholas Kiefer, Cornell University
Daniel Klein, George Mason University
Paul Koch, Univ. of Kansas
Narayana Kocherlakota, Univ. of Minnesota
Marek Kolar, Delta College
Roger Koppl, Fairleigh Dickinson University
Kishore Kulkarni, Metropolitan State College of Denver
Deepak Lal, UCLA
George Langelett, South Dakota State University
James Larriviere, Spring Hill College
Robert Lawson, Auburn University
John Levendis, Loyola University New Orleans
David Levine, Washington University in St. Louis
Peter Lewin, Univ. of Texas at Dallas
Dean Lillard, Cornell University
Zheng Liu, Emory University
Alan Lockard, Binghampton University
Edward Lopez, San Jose State University
John Lunn, Hope College
Glenn MacDonald, Washington
University in St. Louis
Michael Marlow, California
Polytechnic State University
Deryl Martin, Tennessee Tech University
Dale Matcheck, Northwood University
Deirdre McCloskey, Univ. of Illinois, Chicago
John McDermott, Univ. of South Carolina
Joseph McGarrity, Univ. of Central Arkansas
Roger Meiners, Univ. of Texas at Arlington
Allan Meltzer, Carnegie Mellon University
John Merrifield, Univ. of Texas at San Antonio
James Miller III, George Mason University
Jeffrey Miron, Harvard University
Thomas Moeller, Texas Christian University
John Moorhouse, Wake Forest University
Andrea Moro, Vanderbilt University
Andrew Morriss, Univ. of Illinois at Urbana-Champaign
Michael Munger, Duke University
Kevin Murphy, Univ. of Southern California
Richard Muth, Emory University
Charles Nelson, Univ. of Washington
Seth Norton, Wheaton College
Lee Ohanian, Univ. of California, Los Angeles
Lydia Ortega, San Jose State University
Evan Osborne, Wright State University
Randall Parker, East Carolina University
Donald Parsons, George Washington University
Sam Peltzman, Univ. of Chicago
Mark Perry, Univ. of Michigan, Flint
Christopher Phelan, Univ. of Minnesota
Gordon Phillips, Univ. of Maryland
Michael Pippenger, Univ. of Alaska, Fairbanks
Tomasz Piskorski, Columbia University
Brennan Platt, Brigham Young University
Joseph Pomykala, Towson University
William Poole, Univ. of Delaware
Barry Poulson, Univ. of Colorado at Boulder
Benjamin Powell, Suffolk University
Edward Prescott, Nobel laureate
Gary Quinlivan, Saint Vincent College
Reza Ramazani, Saint Michael's College
Adriano Rampini, Duke University
Eric Rasmusen, Indiana University
Mario Rizzo, New York University
Richard Roll, Univ. of California, Los Angeles
Robert Rossana, Wayne State University
James Roumasset, Univ. of Hawaii at Manoa
John Rowe, Univ. of South Florida
Charles Rowley, George Mason University
Juan Rubio-Ramirez, Duke University
Roy Ruffin, Univ. of Houston
Kevin Salyer, Univ. of California, Davis
Pavel Savor, Univ. of Pennsylvania
Ronald Schmidt, Univ. of Rochester
Carlos Seiglie, Rutgers University
William Shughart II, Univ. of Mississippi
Charles Skipton, Univ. of Tampa
James Smith, Western Carolina University
Vernon Smith, Nobel laureate
Lawrence Southwick, Jr., Univ. at Buffalo
Dean Stansel, Florida Gulf Coast University
Houston Stokes, Univ. of Illinois at Chicago
Brian Strow, Western Kentucky University
Shirley Svorny, California State
University, Northridge
John Tatom, Indiana State University
Wade Thomas, State University of New York at Oneonta
Henry Thompson, Auburn University
Alex Tokarev, The King's College
Edward Tower, Duke University
Leo Troy, Rutgers University
David Tuerck, Suffolk University
Charlotte Twight, Boise State University
Kamal Upadhyaya, Univ. of New Haven
Charles Upton, Kent State University
T. Norman Van Cott, Ball State University
Richard Vedder, Ohio University
Richard Wagner, George Mason University
Douglas M. Walker, College of Charleston
Douglas O. Walker, Regent University
Christopher Westley, Jacksonville State University
Lawrence White, Univ. of Missouri at St. Louis
Walter Williams, George Mason University
Doug Wills, Univ. of Washington Tacoma
Dennis Wilson, Western Kentucky University
Gary Wolfram, Hillsdale College
Huizhong Zhou, Western Michigan University
Lee Adkins, Oklahoma State University
William Albrecht, Univ. of Iowa
Donald Alexander, Western Michigan University
Geoffrey Andron, Austin Community College
Nathan Ashby, Univ. of Texas at El Paso
George Averitt, Purdue North Central University
Charles Baird, California State University, East Bay
Timothy Bastian, Creighton University
John Bethune, Barton College
Robert Bise, Orange Coast College
Karl Borden, University of Nebraska
Donald Boudreaux, George Mason University
Ivan Brick, Rutgers University
Phil Bryson, Brigham Young University
Richard Burkhauser, Cornell University
Edwin Burton, Univ. of Virginia
Jim Butkiewicz, Univ. of Delaware
Richard Cebula, Armstrong Atlantic State University
Don Chance, Louisiana State University
Robert Chatfield, Univ. of Nevada, Las Vegas
Lloyd Cohen, George Mason University
Peter Colwell, Univ. of Illinois at Urbana-Champaign
Michael Connolly, Univ. of Miami
Jim Couch, Univ. of North Alabama
Eleanor Craig, Univ. of Delaware
Michael Daniels, Columbus State University
A. Edward Day, Univ. of Texas at Dallas
Stephen Dempsey, Univ. of Vermont
Allan DeSerpa, Arizona State University
William Dewald, Ohio State University
Jeff Dorfman, Univ. of Georgia
Lanny Ebenstein, Univ. of California, Santa Barbara
Michael Erickson, The College of Idaho
Jack Estill, San Jose State University
Dorla Evans, Univ. of Alabama in Huntsville
Frank Falero, California State University, Bakersfield
Daniel Feenberg, National Bureau of Economic Research
Eric Fisher, California Polytechnic State University
Arthur Fleisher, Metropolitan State College of Denver
William Ford, Middle Tennessee State University
Ralph Frasca, Univ. of Dayton
Joseph Giacalone, St. John's University
Adam Gifford, California State Unviersity, Northridge
Otis Gilley, Louisiana Tech University
J. Edward Graham, University of North Carolina at Wilmington
Richard Grant, Lipscomb University
Gauri-Shankar Guha, Arkansas State University
Darren Gulla, Univ. of Kentucky
Dennis Halcoussis, California State University, Northridge
Richard Hart, Miami University
James Hartley, Mount Holyoke College
Thomas Hazlett, George Mason University
Scott Hein, Texas Tech University
Bradley Hobbs, Florida Gulf Coast University
John Hoehn, Michigan State University
Daniel Houser, George Mason University
Thomas Howard, University of Denver
Chris Hughen, Univ. of Denver
Marcus Ingram, Univ. of Tampa
Joseph Jadlow, Oklahoma State University
Sherry Jarrell, Wake Forest University
Carrie Kerekes, Florida Gulf Coast University
Robert Krol, California State University, Northridge
James Kurre, Penn State Erie
Tom Lehman, Indiana Wesleyan University
W. Cris Lewis, Utah State University
Stan Liebowitz, Univ. of Texas at Dallas
Anthony Losasso, Univ. of Illinois at Chicago
John Lott, Jr., Univ. of Maryland
Keith Malone, Univ. of North Alabama
Henry Manne, George Mason University
Richard Marcus, Univ. of Wisconsin-Milwauke
Timothy Mathews, Kennesaw State University
John Matsusaka, Univ. of Southern California
Thomas Mayor, Univ. of Houston
W. Douglas McMillin, Louisiana State University
Mario Miranda, The Ohio State University
Ed Miseta, Penn State Erie
James Moncur, Univ. of Hawaii at Manoa
Charles Moss, Univ. of Florida
Tim Muris, George Mason University
John Murray, Univ. of Toledo
David Mustard, Univ. of Georgia
Steven Myers, Univ. of Akron
Dhananjay Nanda, University of Miami
Stephen Parente, Univ. of Minnesota
Allen Parkman, Univ. of New Mexico
Douglas Patterson, Virginia Polytechnic Institute and
University
Timothy Perri, Appalachian State University
Mark Pingle, Univ. of Nevada, Reno
Ivan Pongracic, Hillsdale College
Richard Rawlins, Missouri Southern State University
Thomas Rhee, California State University, Long Beach
Christine Ries, Georgia Institute of Technology
Nancy Roberts, Arizona State University
Larry Ross, Univ. of Alaska Anchorage
Timothy Roth, Univ. of Texas at El Paso
Atulya Sarin, Santa Clara University
Thomas Saving, Texas A&M University
Eric Schansberg, Indiana University Southeast
John Seater, North Carolina University
Alan Shapiro, Univ. of Southern California
Frank Spreng, McKendree University
Judith Staley Brenneke, John Carroll University
John E. Stapleford, Eastern University
Courtenay Stone, Ball State University
Avanidhar Subrahmanyam, UCLA
Scott Sumner, Bentley University
Clifford Thies, Shenandoah University
William Trumbull, West Virginia University
Gustavo Ventura, Univ. of Iowa
Marc Weidenmier, Claremont McKenna College
Robert Whaples, Wake Forest University
Gene Wunder, Washburn University
John Zdanowicz, Florida International University
Jerry Zimmerman, Univ. of Rochester
Joseph Zoric, Franciscan University of Steubenville
Wall Street Journal, Jan 29, 2009
What is Fiscal Policy?
'Need' now means wanting someone else's money.
'Greed' means wanting to keep your own.
'Compassion' is when a politician arranges the
transfer.